Cale Street and FREY to acquire three Italian outlets from Blackstone for €410m.

Cale Street, a financial services firm, and FREY, a developer, acquirer, and manager of open-air shopping centers and outlet malls, agreed to acquire three Italian outlets from Blackstone, a financial services firm, for €410m. “FREY now ranks among Europe’s top 3 outlet operators. This is the culmination of a conscious and perfectly executed strategy consisting of a first-rank partnership, the acquisition of three premium assets, and a reinforced asset management platform. Italy is Continental Europe’s biggest outlet market, one in which the world’s highest-tier brands connect with a demanding and loyal local client base with considerable purchasing power,” Antoine Frey, FREY Chairman and CEO.